ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What is the difference between CVL and MVL in Hayes Middlesex?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts, while a Members Voluntary Liquidation (MVL) is for solvent companies where directors wish to close the business and distribute assets. Our licensed IPs will assess your financial position and recommend the correct procedure for your circumstances.
How much does company liquidation cost in Hayes Middlesex?
The cost of liquidation varies depending on the complexity of the company’s affairs, but typical CVL fees range from £3,000 to £6,000 plus VAT. We provide a fixed-fee quote before any work begins, ensuring no hidden costs. MVL fees are often lower, starting around £1,500 plus VAT, subject to a review of your company's records.
Can I keep trading while my company is being liquidated?
Once a formal liquidation process starts, directors lose control of the company, and the appointed liquidator takes over. However, before the liquidation begins, you may continue trading to protect assets, but you must not take on new credit or worsen the position of creditors. We advise seeking professional guidance immediately if insolvency is threatened.
What are the legal duties of directors during liquidation in Hayes?
Directors must cooperate fully with the liquidator, provide all company books and records, and disclose any transactions that may be void or preferential. Failure to comply can lead to personal liability, disqualification, or even criminal prosecution. Our team helps you understand and fulfil these duties to avoid any potential issues.
How long does a company liquidation take in Hayes Middlesex?
A Creditors Voluntary Liquidation typically takes between 6 to 12 months to complete, depending on the complexity of asset realisation and creditor claims. An MVL can often be concluded in as little as 3 to 6 months. We work diligently to close the process as quickly as legally possible while ensuring all statutory requirements are met.
Will I be personally liable for company debts after liquidation?
In most cases, directors are not personally liable for company debts if they have acted lawfully and fulfilled their duties. However, if there is evidence of wrongful trading, fraudulent activity, or personal guarantees, you may be held accountable. Our experts will review your situation and provide clear advice on your exposure before you proceed.
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